SP Angel – Today’s Market View, Thursday 2nd July 2026

Gold rises as Fed chair Warsh tones down hawkishness

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Drilling starts at Disko nickel-copper-PGE project in Greenland

Almonty Industries (ALM US) – Processing underway as Sangdong moves through commissioning

Cameco (CCJ US) – Cigar Lake suspended on processing bottleneck

Emerald Resources (EMR AU) – Guidance missed as focus on developing two additional projects

Firefly Metals (FFM AU) – Deeper drilling supports MRE upgrade with PEA due

Hamak Strategy* (HAMA LN) – Restructuring of convertible loan

Lindian Resources (LIN AU) – First blast at the Kangankunde Rare Earths Project

Northern Star Resources (NST AU) – Appointment of ex-Glencore/Newcrest manager as CEO

Rainbow Rare Earths* (RBW LN) – Pilot plant operation feeds into optimisation of flow sheet for Phalaborwa DFS

Shuka Minerals (SKA LN) – Drilling at Kabwe moves to test previously unmined zones

VHM Ltd (VHM AU) – Iluka binding offtake and convertible note

Gold ($4,075/oz) rises as Fed chair Warsh tones down hawkishness

• Gold rose back over $4,100/oz yesterday, having struggled below $4,000/oz for much of this week.
• The move came after Fed chair Warsh’s comments on inflation and signs of progress.
• The dollar is weakening following a steady rally through June, with the index sliding below 101.
• The dollar has been the major headwind to gold prices in recent weeks, with focus shifting from peace in Iran to more traditional macro drivers.
• US Treasury yields continue to rise as the market holds expectations of a rate hike.

Copper ($13,268/t) slides as focus shifts to Trump’s tariff decision

• Copper prices have fallen 5% over the past month, hovering below $13,300/t.
• The metal peaked at $14,500/t amid major inflows from hedge funds and speculative positioning.
• Traders are waiting for a decision from Trump and the US Commerce Department over a potential shift in tariff policy.
• An arbitrage opportunity driven by tariff expectations has sucked considerable copper inventories out of the LME and into US-based warehouses.
• This has reduced available copper stocks in more demand-hungry regions like Asia.
• Consensus currently expects Trump to delay a decision again.

CATL builds mining division. Sees mining as the hard part is mining, not refining

• CATL, the world’s biggest EV-battery maker, now puts mining and sourcing raw materials first and sees mining as the real bottleneck, not processing.
• China leads on refining but still needs to source ore overseas with CATL is building its own mining arm, with $4.4bn allocated for mining operations.
• CATL’s large Jiangxi lithium mine has run on and off since August under regulatory pressure for environmental reasons.
• The corporation’s backup is sodium-ion batteries, making more whenever lithium gets pricey.

Nickel – Colombia’s Cerro Matoso cuts output 25% after gas is cut

• Cerro Matoso, a big Colombian ferronickel mine owned by CoreX Holding, is cutting output a quarter after Canacol Energy cut gas supplies.

• Canacol, the state gas supplier, cut supply 55% below contracted levels from 1^st  July, having filed for creditor protection and moved to end its Colombian gas deals early.
• If more gas by the regulator then production could be halved within days along with hundreds of jobs, royalties and tax income.

Australia – EY says Australia should refine critical minerals at home, not just dig and ship

• A new EY report says Australia has the reserves but won’t earn full value until it refines and processes its own ore.
• It sees critical-minerals demand quadrupling by 2040, with lithium demand up five times, so the chance is now.
• Australia holds ~26% of the world’s lithium, 22% of nickel and 18% of cobalt, but refining is mostly in China.
• EY wants government and industry closer together, pointing to the 2025 Critical Minerals Strategic Reserve.

Israel – Iron Dome integrates laser defences in extensive testing of Iron Dome

• Israel has upgraded its Iron Dome anti-missile defense system against rockets, cruise missiles and UAVs to handle larger and more intense barrages and future threats.
• The integration of the new Eitan / Iron Beam, high-power laser system into the Iron Dome command-and-control network means the system can optimise how it knocks out threats in multi-layered air defense.
• Israel’s Iron Dome has intercepted thousands of rockets and aerial threats without which Israel would have suffered thousands of casualties and extensive damage to infrastructure.

Romania – Rafael Advanced Defense Systems has signed a framework agreement worth approximately $2.3bn with Romania’s Ministry of Defense to supply multiple SPYDER mobile air defense batteries.

• The system is designed to counter short- and medium-range aerial threats. The agreement includes launchers, interceptor missiles, radar systems, training programs, and logistical support for the Romanian forces that will operate the system.

Currencies

US$1.1393/eur vs1.1405/eur previous. Yen 161.94/$ vs162.13/$.SAr 16.387/$ vs16.411/$.$1.330/gbp vs$1.324/gbp.0.689/aud vs0.688/aud.CNY 6.786/$ vs6.784/$

Dollar Index 101.17 vs 101.24 previous

Economics

US – Equity futures are marginally lower this morning ahead of NFPs due later today.

• Expectations are for the economy to have added 113k jobs vs 172k in May.
• Unemployment rate expected at 4.3%, in line with May.
• Wages growth expected to pick up slightly to 3.5%, up 0.1pp on May.
• Hiring is likely to have been boosted by leisure and hospitality thanks to the World Cup.
• It is a short week with markets closed tomorrow due to 4^th of July celebrations.

Kevin Warsh highlights lower inflation risks while refusing to offer more guidance on rates at the ECB conference yesterday.

• “Expectations of inflation over the first four weeks of this period have come down, inflation risks have come down,” Warsh said Wednesday at the annual ECB conference in Sintra, Portugal.
• Warsh repeated he isn’t going to offer “forward guidance” with regard to upcoming interest-rate policy.

Japan – The yen strengthened sharply after hitting new multi decade low of nearly 163 in a sign of a possible government intervention.

• The currency appreciated more than 1% and is currently trading around 161.

Europe – BYD’s European adviser says VW plan to cut up to 100,000 is the first real wake-up call for Europe’s car industry.

UK – Monthly diesel and petrol prices slump in June following a move in crude.

• Diesel prices dropped ~9% to 167p/L while petrol prices were off ~5% to 151p/L, on motoring organization RAC data.
• “As things stand, petrol should dip under 150 pence soon and diesel ought to get to below 160 pence but we would need the price of oil to fall further to see a return to the pre-conflict prices,” RAC said.
• Before a kick off in hostilities in Iran in late February, diesel was running ~142p/L and petrol was at 132p/L.

Manufacturing output rose to a 21-month high in June

• The surge is said to be due to businesses racing to get ahead of higher fuel and chemical price rises relating to war with Iran.

Polish investor backing a £35bn plan to build a fleet of mini-nuclear reactors across the UK

• The mini reactors could power close to 8m homes.

Russia/Ukraine – Moscow launched a new wave of strikes on Kyiv and other cities in early hours of Thursday including 74 missiles and 500 drones.

• Air defence managed to intercept 48 missiles and 476 drones.
• 13 people are reported dead in the capital and more than 80 injured with 70 of them requiring hospitalisation.

Iran –”No meeting at any level with the American side has been scheduled for the coming days.” Iranian Foreign Ministry spokesman Esmail Baghaei

• Iran’s senior negotiator, Kazem Gharibabadi, led a delegation including officials from Iran’s Foreign Ministry, Central Bank, and Agriculture Ministry for talks with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani.
• The discussions reviewed implementation of the memorandum of understanding aimed at ending what Iran calls the “imposed war,” addressed implementation obstacles, expanded bilateral cooperation, and placed particular emphasis on Lebanon.
• A subsequent trilateral meeting involving Iran, Qatar, and Pakistan focused on the next steps with talks cantered on implementing existing understandings, noting that specialized working groups have been established, but formal negotiations have not yet begun pending completion of mediation and logistical arrangements.
• Reports later indicated indirect technical talks between the United States and Iran have begun in Doha (Reuters).
• Around $6bn in Iranian funds frozen in Qatar are expected to be released under the agreement with the United States with a preliminary agreement to release $3bn according to the Iranian President (Al-Arabiya)
• According to The Wall Street Journal, the IRGC has conveyed a message through Qatari mediators that it will again close the Strait of Hormuz unless Iran receives guarantees of exclusive control over the waterway.
• The message also demands that the United States and Western countries abandon plans to route commercial shipping through the southern channel near Oman’s coast.
• Trump has discussed the possibility of resuming large-scale military action against Iran with senior administration officials (WSJ).
• Rear Admiral Mohammad Akbarzadeh, Deputy Political Officer in the Office of the Iranian Supreme Leader’s Representative in the IRGC Navy, and a key architect behind Iran’s strategy in the Strait of Hormuz was killed in a car accident in Kerman Province.
• Iranian police officer Second Lieutenant Mohammad Palangi, a Sunni officer from the Baloch tribe, was killed in an armed attack in Sistan and Baluchestan Province.

Lebanon – IDF states it will remain in the security zones in Lebanon, Syria, and Gaza, indefinitely, in order to protect residents and communities from there against jihadist elements.” Katz

• Defense Minister Israel Katz said, “We have struck Iran twice and will strike it a third time if necessary.”
• “As of today, no country has the ability to mount attacks in space. We must be the leading country in the world with this capability.”

Precious metals:

Gold US$4,070/oz vsUS$3,963/oz previous

Gold ETFs 96.7moz vs 96.6moz previous

Platinum US$1,617/oz vsUS$1,540/oz previous

Palladium US$1,226/oz vsUS$1,183/oz previous

Silver US$59.9/oz vsUS$57.4/oz previous

Silver ETFs 783.0moz vs782.3moz previous

Rhodium US$7,900/oz vsUS$7,750/oz previous

Base metals:

Copper US$13,217/t vs US$13,232/t previous

Aluminium US$3,059/t vsUS$3,060/t previous

Nickel US$16,215/t vs  US$16,210/t previous

Zinc US$3,446/t vsUS$3,498/t previous

Lead US$1,864/t vsUS$1,865/t previous

Tin US$50,950/t vsUS$50,395/t previous

Energy:

Oil US$70.6/bbl vsUS$73.0/bbl previous

• Crude oil prices fell after Qatar indicated progress on indirect talks between the US and Iran towards a peace deal that would also unequivocally re-open the Strait of Hormuz to marine traffic.
• The EIA estimated w/w US inventory draws of 3.8mb to crude, 5.5mb to the SPR and 2.3mb to gasoline, offset by a build of 2.5mb to distillates stocks, with refinery utilisation up 0.5% w/w to 96.6% on 13.8mb/d of domestic production.
• European energy prices were flat as EU natural gas storage levels increased by 1.9% w/w to 49.1% full (vs 63.9% 5-Yr average), with aggregate inventory at 555TWh and now only the Netherlands below 40% full (vs 55.7% 5-year average).
• TotalEnergies announces the $350m divestment to INPEX of its 85% interest in Block 2E offshore Malaysia, representing a net interest of 8.5% in the Marjoram gas development targeting 800mmcf/d following start-up in 2H26.

Natural Gas €43.6/MWh vs€44.3/MWh previous

Uranium Futures $85.9/lb vs    $85.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$98.4/t vsUS$97.2/t

Chinese steel rebar 25mm US$476.1/t vsUS$476.3/t

HCC FOB Australia US$242.0/t vs US$242.0/t

Thermal coal swap Australia FOB US$129.3/t vsUS$129.1/t

Other:  

Cobalt LME 3m US$56,290/t vsUS$56,290/t

NdPr Rare Earth Oxide (China) US$110,152/t vsUS$109,262/t

Lithium Carbonate 99% (China) US$22,030/t vsUS$21,558/t

China Spodumene Li2O 6%min CIF US$2,245/t vsUS$2,245/t

Ferro-Manganese European Mn78% min US$1,035/t vsUS$1,035/t

China Tungsten APT 88.5% FOB US$1,705/mtu vsUS$1,705/mtu

China Tantalum Concentrate 30% CIF US$226/lb vsUS$226/mtu

China Graphite Flake -194 FOB US$410/t vsUS$410/t

Europe Vanadium Pentoxide 98% US$5.7/lb vsUS$5.7/lb

Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg

China Ilmenite Concentrate TiO2 US$219/t vs US$224/t

US Titanium Dioxide TiO2 >98% US$2,809/t vsUS$2,809/t

China Rutile Concentrate 95% TiO2 US$1,157/t vsUS$1,155/t

Spot CO2 Emissions EUA Price US$65.1/t vs  US$65.1/t

Brazil Potash CFR Granular Spot US$400.0/t vsUS$400.0/t

Germanium China 99.99% US$4,075.0/kg vsUS$4,075.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

Europe Molybdenum Oxide 57% US$31.5/lb vsUS$31.5/lb

EV & Battery news:

Delhi to ban petrol rickshaws and scooters in net zero drive from 2028, but the boost for lithium is small

• Delhi will ban new petrol scooters, motorcycles and rickshaws by 2028 as is strives to meet net zero goals.
• Delhi has around 8.5m registered vehicles, with an estimated 1.5-2m on the road at any one time, accounting for 25% of the city’s air pollution.
• It only stops new sales, so the ~8.5m vehicles already on the road can stay.
• Around 67% of the vehicle fleet in Delhi is two-wheelers, according to the Commission for Air Quality Management.
• The new policy aims to electrify at least 30% of the city’s fleet by 2030, with the government pledging to install 30,000 public charging points across the city as well as offering generous incentives.
• Rickshaw drivers have voiced concerns over the plans, citing charging times, battery theft and lost earnings, with manufacturers telling officials that the 2028 target gives little time for them to adapt.

• We estimate it will need ~21.1t of lithium carbonate (LCE), that’s ~1.4% of a year’s world supply, spread to 2030.

Assumptions: 2.55m EVs (30% of 8.5m) on a Delhi fleet mix (67% 2W at ~2.5 kWh, 5% 3W at ~6 kWh, 28% cars at ~30 kWh) = ~26.5 GWh at ~0.8 kg LCE/kWh = ~21.1kt LCE.

World supply ~290kt Li content in 2025 (~1.54m t LCE), USGS MCS 2026.

Company news:

80 Mile Plc* (80M LN) – 0.93p, Mkt cap £50m – Drilling starts at Disko nickel-copper-PGE project in Greenland

(80 Mile retains a 49% free carry on Disko with USFM earning into 51%)

• 80 Mile plc reports the start of drilling at the Disko-Nuussuaq nickel-copper-cobalt-PGE project 120km northwest of Ilulissat, marking the start of the 2026 exploration campaign.
• Two drill rigs are now working at the Disko site focussing on the target zones at Qullissat and will then move to the Nuussuaq Peninsula for further drilling.
• The rigs are contracted for up to 9,000m of drilling depending on how it goes across multiple targets.
• The 2026 exploration at Disko is budgeted at ~US$7.5m out of a US$30m fully funded campaign with USFM Corporation.
• 80 Mile retains a 49% free carried position while managing the exploration work for which it earns a 10% management fee.
• The weather in Qullissat is cool ranging from 6- 12°C falling to 3°C at night with light rain, passing showers and mild winds coming off the northwest. Almost perfect for drilling!
• Exploration: The team plan to systematically test the better-looking nickel-copper-PGE targets which are spread over 3,020sqkm
• Kobold Metals, the AI-driven explorer, spent ~$12m running sampling and geophysical programs over the Disko projects before shifting focus to the more certain definition of copper resources in Zambia.
• Disko is widely recognised as a prospective frontier district for magmatic nickel-copper sulphide exploration with Anglo American holding licenses around the Disko license area.
• The team have identified seven significant MMS ‘Magmatic Massive Sulphide’ targets to-date on the Disko licence. The largest is 5.9km x 1.1km wide.
• The province is associated with the initial phase of continental breakup and the onset of seafloor spreading of the Labrador Sea and is seen as analogous to the Siberian Flood Basalts of the Norilsk Region of Siberia.
• Surface sampling at Disko showed results of 4.6%-9.3% nickel & 1.5-2.8% copper from outcrop. Remember the geologists tend to chip away at the best-looking bits of rock.
• A massive 28t boulder of pure massive sulphides running 6.9% nickel, 3.7% copper, 0.6% cobalt and 2g/t PGMs was also discovered on the licence.
• 80 Mile’s local subsidiary, Nikkeli Greenland operates an exploration camp at an abandoned coal mining town of Qullissat on Disko Island to support work on the island.
• Geologically the project is seen as hosting mineralisation similar to the giant Norilsk nickel-copper-PGM mine in Russia.

Conclusion: We look forward to pictures of the drill core from the Disko project showing sulphide mineralisation. Unfortunately assay results will take longer to confirm their mineral content.

*SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management.

Almonty Industries (ALM US) $15.95, Mkt Cap US$4.5bn – Processing underway as Sangdong moves through commissioning

• Almonty Industries reports that processing of tungsten ore is now underway at its Sangdong mine in Gangwon Province, South Korea as the project moves to plant commissioning.
• The company describes the production of tungsten concentrate at Sangdong as “a pivotal milestone marking … [the mine’s] … transition from mine development into active, revenue-generating operations”.
• At the end of Q1 2026, the mine held around 120,000t pf ore stockpiles at an average grade of 0.24% tungsten trioxide and “During the second quarter of 2026, the company mined an additional approximately 19,700 tonnes of development ore at an average grade of 0.35% WO₃”.
• The company says that “this brings the total stockpiled ore to approximately 139,700tonnes at a blended grade of approximately 0.25% WO₃ ahead of the plant’s commissioning”.
• Almonty Industries says that it is using “lower-grade throughput during the initial ramp-up phase and anticipate higher grades as the process advances”.
• “With throughput now underway, stockpiled ore is being introduced during the initial commissioning phase to optimise ore blending and maintain the consistent feed quality the lant requires as the operation ramps up”.
• President & CEO, Lewis Black, said that this “is the moment our team has worked toward for years … [and said that Sangdong was moving towards production] … at a time when tungsten prices have reached historic highs and Western Governments are moving decisively to secure non-China supply”.
• Almonty’s 2025 ‘Probable’ ore reserve estimate for Sangdong is ~8.6mt of ore at an average grade of 0.42% WO₃ within an ‘Indicated & Inferred’ resource of ~58.7mt at an average grade of 0.44%WO_3.
• The mine is expected to treat around 650ktpa at an average grade of 0.42% WO₃ over a 14 year mine life to produce a total of around 3million metric tonne units of WO₃ in concentrate.

Conclusion: Commissioning progress at Sangdong should assist diversity of world tungsten supply.

Cameco (CCJ US) $97, Mkt Cap $42bn – Cigar Lake suspended on processing bottleneck

• Major uranium producer Cameco provides an update on its Cigar Lake mine in Saskatchewan.
• The Company has suspended operations at the operation due to challenges at the Orano McClean Lake mill.
• Orano has faced challenges with its sulfuric acid plant and has shut down operations to repair the issue.
• Alternative acid supplies are being sourced.
• Operations are expected to resume in two weeks, with no production impact forecast, although management notes a delay will impact 2026 production guidance.

Emerald Resources (EMR AU) A$5.4, Mkt Cap A$3.5bn – Guidance missed as focus on developing two additional projects

• Cambodian gold producer Emerald provides a June quarter production update.
• The Company’s Okvau mine produced 27koz over the quarter, at AISC of $880/oz.
• FY26 gold production of 100koz came below guidance of 105-120koz.
• FY26 AISC in line with guidance at $966/oz,
• Cash position stood at $322m with no debt.
• Emerald is focused on the development of its Memot Gold Project in Cambodia and its Dingo Range project in Australia.

Firefly Metals (FFM AU) A$1.8, Mkt Cap A$1.4bn – Deeper drilling supports MRE upgrade with PEA due

• Newfoundland-focus copper explorer Firefly provides an update on their Green Bay project.
• Firefly reports assay results from the upper copper-gold VMS lenses, footwall copper zone and high-grade core zone.
• Core Zone drilling returned highlights of:

• • 42m at 6.1% CuEq (inc. 9.8m at 16.5% CuEq)
  • 52m at 4.9% CuEq (inc. 17m at 9.1% CuEq)
  • 50m at 4% CuEq
  • 34m at 5% CuEq (inc. 14.3m at 7.6% CuEq)

• Firefly reports the high-grade core zone remains open with the deepest hole intercepting 49m at 6.1% CuEq.
• Firefly expects to expand the current Green Bay MRE of 50.4mt at 2% CuEq M&I, with 29.3mt at 2.5% CuEq Inferred.
• Six rigs are currently operating, with Maiden drilling beginning at the Tilt Cove project.
• A maiden PEA is due for the project in July-August supported by the MRE upgrade due soon.

Hamak Strategy* (HAMA LN) 0.7p, Mkt Cap £2.8m – Restructuring of convertible loan

• Hamak Strategy, which has an option to buy CAA Mining’s Akoko gold project in southwest Ghana, reports changes to its funding arrangements with YA II PN described as “an institutional investor managed by Yorkville Advisors Global”.
• The outstanding balance of the company’s “previous £2.5 million convertible loan note” has been converted into a £1.66m “non-convertible loan”.
• Hamak Strategy confirms that the “Interest rate remains at 4% per annum … [and that it has incurred] … No penalties and no restructuring fees, other than £20,000 of legal fees in connection with the required documentation”.
• Executive Director, Mike Murphy, described the “restructuring the existing convertible loan into a non-convertible facility, while preserving a 4% coupon and agreeing a sensible repayment profile … [as reducing] … a key area of uncertainty for shareholders and strengthened the Company’s funding position”.
• He said that the restructuring “gives Hamak greater flexibility to focus capital on advancing Akoko, progressing our West African gold portfolio”.

Conclusion: Changing the outstanding balance of the convertible to a non-convertible loan as Hamak progresses its work on the Akoko gold project in Ghana.

*An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy

Lindian Resources (LIN AU) A$0.9, Mkt Cap A$1.7bn – First blast at the Kangankunde Rare Earths Project

• The Company reports the start of active mining operations at the Kangankunde Rare Earths Project, Malawi.
• First production blast completed with ore haulage starting to feed ROM stockpiles ahead of process plant commissioning.
• Plant commissioning remains on target for 4Q26.
• Front end commissioning due October and practical completion mid-November.

Northern Star Resources (NST AU) A$19.8, Mkt Cap A$28.3bn – Appointment of ex-Glencore/Newcrest manager as CEO

• Australian gold miner Northern Star provides updates on management and production.
• The Company has appointed Suresh Vadnagra to succeed Stuart Tonkin as MD and CEO from 5^th October.
• Mr Vadnagra joins from Glencore where he currently acts as Head of Nickel and Zinc, having previously worked as Chief Technical and Projects Officer at Newcrest.
• Northern Star reports it sold 433koz in the June quarter, bringing FY26 total sales to 1,543koz.
• Cash rose to A$1,255m from $1,183m prior quarter, repurchasing A$129m worth of shares during the quarter.
• Company reports the KCGM Mill Expansion from 13mtpa to 27mtpa is on track for early commissioning in FY27.

Rainbow Rare Earths* (RBW LN) 22p, mkt Cap £154m – Pilot plant operation feeds into optimisation of flow sheet for Phalaborwa DFS

(Rainbow hold 70% of Phalaborwa with 30% to be held by Bosveld Phosphates)

• Rainbow reports that 75% of the process flowsheet for the Phalaborwa REE project in now in the engineering phase for the DFS
• The team are completing the final optimisation of the solvent extraction (SX) circuit.
• Pilot plant test work has enabled the team to optimise and simplify the Phalaborwa process flowsheet feeding into the DFS.
• The first stage of the process is now able to feed a MREC ‘mixed rare earth feed’ directly into the SX separation process from the CIX ‘Continuous ion Exchange circuit.
• The plant can then produce NdPr oxide at 99.5% purity alongside Dy, Tb and Y enabling better revenues.
• The team, led by Dave Dodd, are now optimising the upscaling of the process having successfully cracked the extraction of rare earths from phosphogypsum waste residue in pilot plant testing.
• The development of Rainbow’s own labs in Mincon in Johannesburg has helped and accelerated rapid development of this work.

Conclusion:  Simplification of mining and process circuits should offset cost inflation in other areas and improve overall project economics. We look forward to further details on the DFS progress.

*The SP Angel analyst recently visited the Rainbow pilot process plant in Johannesburg

Shuka Minerals (SKA LN) 2.75p, Mkt Cap £3.6m – Drilling at Kabwe moves to test previously unmined zones

• Yesterday, Shuka Minerals reported the completion of its fifth drillhole at the former Anglo American Kabwe zinc mine in central Zambia.
• The hole (KBDD-05) “was designed to intersect the … [No. 2] … ore body at approximately 320-350 metres (“m”) depth and to test the western limb of the originally projected orebody”.
• The company explains that “Historical plans show remaining medium to high grade blocks to a depth of 1650 feet (550 m) depth, with mine development at these depths”.
• At this stage, grades in hole KBDD-05 are indicated by “portable XRF pinpoint readings … [and] …   will be verified in due course with JORC/NI 43 101 laboratory analysis and testing”.
• Shuka Minerals says that results from the drilling completed to date shows that “the mineralisation continues at depth”.
• A sixth hole is underway aiming “to intersect a different, previously unexploited orebody in the “Speaks” approximately 1 kilometre (“km”) from the Pit 2 area where we have been focussing our studies to date”.
• The new hole is expected to be 250-300m deep.
• CEO, Richard Lloyd, welcomed the successful drilling of the No.2 orebody and said that the step-out drilling of hole 6 will test “the un-mined areas of ‘Speaks’ and ‘Mine Club’ … [as] … turn our focus to other highly prospective areas of Kabwe”.

Conclusion: After completing 5 drillholes to investigate the No. 2 orebody at Kabwe at Kabwe, drilling is now moving to test additional, previously unmined potential, around 1km from the former open pit mine.

VHM Ltd (VHM AU) A$0.28, Mk Cap A$72m – Iluka binding offtake and convertible note

• The Company entered into a long-term strategic partnership with Iluka Resources.
• The partnerships involves a binding offtake and a A$40m convertible loan note.
• The offtake covers a monazite concentrate from the 100% owned permitted Goschen Rare Earths and Mineral Sands Project in Victoria, Australia.
• The take or pay contract is for 100% of production of the current mining license (20 years and 5mtpa).
• On average, Goschen to supply 8,320tpa of rare earth concentrate containing ~4,900tpa of total rare earth oxides.
• The concentrate to be processed at the Eneabba Rare Earth Refinery in WA, Australia (50% complete and commissioning targeted for mid-2027).
• The project hosts 220mt at 3.6% THM in reserves and 890mt at 2.9% THM in resources.
• Development capex A$323m and total funding required A$438m.
• The agreement is expected to help the Company in its funding discussions as the team advances the project towards FID in late 2H26.
• Next steps include finalisation of the HMC offtake and debt funding discussions.

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

No.1 for Precious Metals: Q1 2026

No.1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

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A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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